IRS updates depreciation tables for cars, trucks and vans
The Internal Revenue Service has published its annual update on the depreciation and inclusion tables for owners and lessees of passenger vehicles, trucks, and vans.
Revenue Procedure 2017-29 updates for 2017 tax years the annually published tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2017.
The document includes separate tables of limitations on depreciation deductions for trucks and vans, along with tables of the amounts that should be included in income by lessees of passenger automobiles first leased by taxpayers in 2017.
It also includes a separate table of inclusion amounts for lessees of trucks and vans. The tables detail the various depreciation limitations and lessee inclusion amounts to reflect inflation adjustments on automobile prices.